CLSA on Polycab ; O-P, TP Rs 10240

• Delivered strong 2QFY27 results, with revenue/Ebitda up 53%/39% YoY, and ahead of estimates, led by growth across segments.. • Cables & wires (C&W) grew 47% YoY (6%-8% volume growth with wires outpacing cables). • FMEG more than doubled with broad-based growth across categories, reporting its highest ever margin • Co’s appeal in NCLAT has been heard and orders have been reserved Expect Polycab to continue to post industry-leading growth and margins. While high comps in 3Q are likely to weigh on volume growth, recent weakness in its stock price factors in this and competition risk.

POLYCAB INDIA LIMITED

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